Building Details

Building Size 6,594 SF

Year Built 1965

Listing Agency: The Alpha Commercial Advisors LLC

Listed By: Jamie Maniscalco · License #3391005 Show Phone

Source: Elliman

Added: Mar 11 Changed: Oct 16 Last Checked: Oct 16 at 9:24AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Alpha Commercial Advisors LLC

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Investment Insights

Based on property information with market context.

The Bel-Air Apartments represent a fully-renovated and stabilized 14-unit multifamily asset located in Opa-Locka, Florida. The property features a balanced mix of efficiently-sized one-bedroom and two-bedroom units. Substantial capital improvements have been made. The property benefits from optimized in-place income derived from both market-rate and highly subsidized tenants. The grounds are fully renovated and feature impact glass, a gated courtyard entry, security cameras, ample on-site parking, and a clean modern facade. All units are individually metered for electric. The property maintains a steady occupancy rate of 92-100% due to professional property management. The unit mix includes six two-bedroom, one-bathroom units and eight one-bedroom, one-bathroom units. An assumable mortgage is available at a 6.4% interest rate. This property is suitable for 1031 Exchange buyers.

Key Highlights

• Fully‑renovated 14‑unit multifamily asset in Opa‑Locka, Florida.
• Assumable mortgage at 6.4% interest.**
• Steady 92‑100% occupancy rate.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$121,814

Cap Rate

4.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,436,280 $2.4M

Cap Rate 7%

$1,740,200 $1.7M

Cap Rate 9%

$1,353,489 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,594 SF

Gross rent

$237.4K $36.00/SF

− Vacancy

−$15.9K −$2.41/SF

EGI

$221.5K $33.59/SF

− OpEx

−$99.7K −$15.11/SF

NOI

$121.8K $18.47/SF

Area

Miami, FL

Vacancy

6.70%

Lease Rate

$36.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,436,280

Cap Rate 7%

$1,740,200

Cap Rate 9%

$1,353,489

Alternative Uses

Best Use

Apartment 5plus

$1.74M

$1.52M – $2.03M (±1% cap)

NOI $121,814 @ 7.0% cap · market cap 4.52%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$4.45M

$3.89M – $5.19M (±1% cap)

NOI $311,569 @ 7.0% cap · market cap 11.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Joe's Septic Tank ... Plumbing Service

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Accounting Firm Parking Lot & Garage Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,137

Businesses Nearby

Explore this area Business Placement

Demographics for 33054, FL

30,352

Population

10,263

Households

3

Avg Household Size

37

Median Age

10%

College-Educated

75%

High-School Grad

8.4 sq mi

ZIP Area

3,613

Density / Sq Mi

$42,779

Median Household Income

$31,147

Median Earnings

$1,346

Median Rent

$291,700

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully renovated, stabilized 14-unit multifamily property in Opa-Locka, Florida.

Where is this apartment building located?

The property is located at 1265 Sharazad Blvd Opa Locka, FL.

What is the asking price?

The asking price for this property is $2,695,000.

What are key features of this property?

This property features: Fully‑renovated 14‑unit multifamily asset in Opa‑Locka, Florida.; Assumable mortgage at 6.4% interest.**; Steady 92‑100% occupancy rate.